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TORONTO, June 8, 2020 /CNW/ - Nickel Creek Platinum
Corp. (TSX: NCP) ("Nickel Creek" or the "Company") is
pleased to announce that it has closed a second tranche
("Tranche 2") of its previously announced private placement
(the "Private Placement") pursuant to which the Company
issued a total of 30,563,365 units ("Units") for aggregate
gross proceeds to the Company of approximately $1.528 million. The Units were priced at
$0.05 with each Unit consisting of
one common share in the capital of the Company (each, a "Common
Share") and one common share purchase warrant (each, a
"Warrant"), with each Warrant exercisable into one Common
Share at an exercise price of $0.10
for a period of five years from the date of issuance, subject to
adjustment upon certain customary events. The Company received
shareholder approval of Tranche 2 at the Company's annual general
and special meeting held on June 2,
2020. The Company previously closed the first tranche of the
Private Placement for aggregate gross proceeds of approximately
$672 thousand on April 7, 2020. The aggregate gross proceeds
raised pursuant to the Private Placement to date are approximately
$2.2 million.
The Company intends to complete a third tranche of the Private
Placement of up to approximately 27.3 million "flow-through" units
of the Company ("FT Units") at a price of $0.055 per FT Unit for aggregate gross proceeds
of approximately $1.5 million (the
"Flow-Through Offering"). Each FT Unit will consist of one
"flow-through" common share and one common share purchase warrant
(each a "FT Warrant"), with each FT Warrant
exercisable for one Common Share at an exercise price of
$0.10 for a period of five years from
the date of issuance, subject to adjustment upon certain customary
events. The closing of the Flow-Through Offering remains subject to
the final approval of the Toronto Stock Exchange and other
customary closing conditions.
The net proceeds from the Private Placement sale of Units will
be used to fund the investigation of strategic transactions,
ongoing permitting activities and holding costs at Nickel Shäw
project, general corporate and working capital purposes and a
portion of the planned exploration program scheduled to commence
during the month of August 2020. The
net proceeds from the sale of any FT Units will be used towards the
2020 exploration program and the gross proceeds derived from the
sale of any FT Units will be used by the Company to fund "Canadian
exploration expenses" that will qualify as "flow-through mining
expenditures", each as defined under the Income Tax Act
(Canada).
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in the United States nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "1933 Act"), or any state
securities laws and may not be offered or sold in the United States unless registered under the
1933 Act and any applicable securities laws of any state of
the United States or an applicable
exemption from the registration requirements is available.
About Nickel Creek Platinum Corp.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a
Canadian mining exploration and development company and its
flagship asset is its 100%-owned Nickel Shäw project. The Nickel
Shäw project is a large undeveloped nickel sulphide project in one
of the most favourable jurisdictions in the world, with a unique
mix of metals including copper, cobalt and platinum group metals.
The Nickel Shäw project has exceptional access to infrastructure
and is located three hours west of Whitehorse via the paved Alaska Highway, which further offers
year-round access to deep-sea shipping ports in southern
Alaska. The Company is also investigating other opportunities
for shareholder value creation.
The Company is led by a management team with a proven track
record of successful discovery, development, financing and
operation of large-scale projects. Our vision is to create value
for our shareholders by becoming a leading North American nickel,
copper, cobalt and PGM producer.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be
deemed "forward-looking information". Forward-looking information
can generally be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "believe",
"continue", "plans" or similar terminology, or negative
connotations thereof. All information in this release, other than
information of historical facts, including, without limitation,
statements relating to the Private Placement and the timing of
closing of the Private Placement and the Flow-Through Offering,
statements with respect to the Company's 2019 and 2020 exploration,
drilling, geophysics and sampling programs (and the results and
potential results thereof), and general future plans and objectives
for the Company and the Nickel Shäw project, are forward-looking
information that involve various risks and uncertainties. Although
the Company believes that the expectations expressed in such
forward-looking information are based on reasonable assumptions,
such expectations are not guarantees of future performance and
actual results or developments may differ materially from those in
the forward-looking information.
For more information on the Company and the key assumptions,
risks and challenges with respect to the forward-looking
information discussed herein, and about our business in general,
investors should review the Company's most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Nickel Creek Platinum Corp.